Power Corp. will acquire an additional 3.9% equity interest in the Chinese asset manager for $179 million. This brings the Canadian company’s share to 13.9% following its initial purchase of 10% of China AMC in 2011, according to an announcement released Thursday.

Mackenzie will also purchase 3.9% of China AMC for $179 million. The Canadian asset manager announced in December that it was buying 10% of China AMC and the most recent purchase means that Mackenzie owns 13.9% for a combined value of $647 million.

Power Corp. is the indirect parent company of Winnipeg-based IGM Financial Inc., the latter of which counts Mackenzie as one of its subsidiaries.

China AMC was established in 1998 and was one of the first asset-management companies the China Securities Regulatory Commission has approved, according to the announcement. The firm had $215 billion in assets under management and served more than 40 million retail investors and 400 institutional mandates as of June 30, 2016. China AMC is an affiliate of Beijing-based CITIC Group Corporation Ltd., China’s largest conglomerate, with which Power Corp. has had an association since 1986.

“This is an important addition to our portfolio in China, investing in the fast-growing asset management sector and in one of the best companies in its class,” says Olivier Desmarais, vice president of Power Corp., in a statement. “Through this transaction, we are building on Power Corporation’s long-standing presence in China and deepening our 30-year relationship with the CITIC Group of companies.”

The transaction is expected to close in the first half of 2017 and is subject to customary closing conditions, including Chinese regulatory approvals.